Axiare Patrimonio continues to raise financing to complete its business plan, increase its property portfolio and continue to grow as a company. The SOCIMI (Listed Corporation for Investment in the Real Estate Market) has closed a €30 mln bilateral financing agreement with CaixaBank, which it will invest in the acquisition of new prime commercial properties, primarily located in Spain. The loan term is 15 years and represents a 50% LTV leveraging, in line with the company's targets and as detailed in the €395 mln share capital increase prospectus that was fully subscribed in June 2015.
The financed properties form part of the company's Madrid prime office portfolio. The Fernando El Santo property - a fully refurbished Grade A office building and is considered to be a listed heritage property -, is located in the centre of the Paseo de la Castellana area and comprises 3,254 m² GLA and benefits from 42 parking spaces, which is very unusual in similar office properties in this area of the Madrid Business District.
The Francisca Delgado property - built by the architect Rafael de la Hoz - comprises 17,267 m² GLA of Grade A office space and 395 parking spaces located in the established Arroyo de la Vega business district, with excellent access to the airport and Madrid's main ring roads.
The funds obtained via the financing deals with banks and via the share capital increase, which saw the company double in size in June, will allow Axiare Patrimonio to continue to maintain its investment plan. The company is currently analysing more than €1,400 mln of investment opportunities.
The funds raised in the financing agreement signed today with CaixaBank will be used for new acquisitions of properties located in Madrid and Barcelona's main financial districts, in line with its existing portfolio, of which 40% comprises offices located in the Madrid and Barcelona CBDs.
Source: Axiare Patrimonio
